HTC raised to overweight at HSBC

HTC Corp. got a big upgrade on Friday, with HSBC raising the stock to overweight from underweight, saying the Taiwanese company’s improved product mix was expected to drive growth.

Reuters

HSBC more than doubled its price target for the stock to 326 New Taiwan dollars ($11.02), from NT$140, citing HTC’s “impressive flagship,” in a reference to the HTC One smartphone.

HTC
/quotes/zigman/301563/quotes/nls/htcxfHTCXF shares ended 0.7% lower at NT$277.50 in Taipei trade on Friday. At its closing price, the stock is up more than 13% so far in April — an eventful month for the company.

The HSBC upgrade comes after analysts at Daiwa, also earlier this month, raised HTC to outperform. At the time of the upgrade, on April 15, the Daiwa analysts claimed they were the only non-Taiwanese analysts with a positive rating on HTC, “as we believe sales of the HTC One could surprise the market on the upside.”

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